JPMorgan Says Hyperliquid Faces Market-Share Pressure as Competition Builds, ETF Inflows Stall
JH Kim
Summary
- JPMorgan said the emergence of US-compliant cryptocurrency perpetual futures trading platforms could pressure Hyperliquid (HYPE)’s market share.
- JPMorgan said Hyperliquid expanded its business by launching prediction-market platform Outcomes, but added that competition in that market is also fierce.
- JPMorgan said spot HYPE ETF inflows have stalled in July and August, and that whether it can maintain market share and the trend in ETF inflows will be key variables for HYPE’s price.
Forecast Trend Report by Period
JPMorgan said Hyperliquid’s market share could come under pressure as US-compliant cryptocurrency perpetual futures trading platforms emerge.
In an Aug. 6 note, the bank said liquidity has recently been shifting to US-regulated platforms, while competing venues continue to launch. Hyperliquid expanded its business in May by launching prediction-market platform Outcomes, but competition in that market is also fierce.
JPMorgan added that net inflows into spot HYPE ETFs, which were positive in May and June, have stalled in July and August. Whether Hyperliquid can maintain its market share, along with the trend in ETF flows, will be a key driver of HYPE’s price.
JH Kim
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